So I have a friend (whom shall remain nameless) that is in a hurry to purchase a house that she has been renting. The owners of the house are ready to sell as the entire area has increased in property value. She's a veteran and has access to a VA Home Loan but there is only one problem; her credit score.
This is a really close friend of mine, almost like a sister. So, she came to me asking how she can bump up her credit score in a hurry. I said, "oh that's easy, I'll add you as an authorized user to a few of my credit cards".
What does this mean you may ask? Real life example: I have credit cards with high limits that I do not use (because I'm fabulously frugal right ❤) . By holding credit cards with high limits and zero balances, it contributes to my modestly high credit score due to low utilization. Credit Utilization is you having access to open credit and not using it all up. This proves to lenders that you are responsible.
First, I called a few of my credit card companies and asked them if they report to credit bureau's for authorized users. I got a yes from two companies (Best Buy and CITI bank) and I added her to my cards. Now this a very trusted friend, because normally, I would never add authorized users and give them access to my credit cards. Within 30 days her score increased by 42 points. Yes...that is a big jump in a very short amount of time.
If you have friends or family that will be willing to do this for you, even if it's temporary, then go directly to them and just ask. Credit repair is a process that requires a lot of work and a lot of patience. Trust me as I have been through the entire process. My credit was destroyed by the time I was 21 due to very poor spending habits and values.
But if you're trying to make a money move, this will be a speedy way to handle your business.
Feel free to like, comment or share. Remember, good secrets are like Gold.
Until later,
Tori W.
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